In fact, when Microsoft reports second quarter calendar results
after the bell this afternoon, its likely that Apple will have
surpassed Microsoft in revenue for the first time in the
company’s recent history — and that it will continue to do so
in the future. Apple reported $3.25 billion in net income ($3.51)
on a whopping $15.7 billion in revenue on Tuesday, smashing
analyst expectations, and reporting more or less in line with my
forecast.

Microsoft, on the other hand, is expected to earn $4.1 billion in
net income ($0.46 in EPS) on $15.26 billion in revenue when it
releases results after the bell today. That is nearly $500 million
less than what Apple reported in revenue this quarter.

Apple passed Microsoft in market cap a few months ago, and now revenue this quarter. The big one is net income — profit — and it’s looking like that might happen within the next year.